MicroStrategy (MSTR) – Shares of MicroStrategy fell 8.7% in pre-market trading amid falling bitcoin prices following an expanding Chinese crackdown on bitcoin mining. The business analyst firm is one of the largest companies investing in bitcoin, with several billion dollars in holdings on its books.
Coinbase (COIN) – The cryptocurrency platform’s stock fell 3% in pre-market, also hit by the decline in cryptocurrencies amid the latest actions by the Chinese government.
Raven Industries (RAVN) – Raven has agreed to be acquired by another farm equipment maker CNH Industrial (CNHI) for $ 58 per share, or $ 2.1 billion, from $ 38.62 per share on Friday closing by Raven. The stock was up 49.7% in pre-market.
ZipRecruiter (ZIP) – Shares of the jobs website operator rose 2.8% in pre-market after Goldman Sachs rated it ‘buy’ in new coverage and Evercore began coverage with an “outperformance” rating. Optimistic valuations cite ZipRecruiter’s growth prospects and its ability to disrupt the job market.
HSBC (HSBC) – HSBC has sold its French retail bank to private equity firm Cerberus Capital for € 1, and expects to record a loss of $ 3 billion after the unloading of the unprofitable deal.
Pershing Square Tontine Holdings (PSTH) – SPAC controlled by billionaire investor Bill Ackman has finalized a deal to buy a 10% stake in Universal Music from Vivendi. The deal values Universal Music – the world’s largest music company – at around $ 40 billion. Stocks gained 1.1% pre-market.
GlaxoSmithKline (GSK) – Glaxo is set to cut its dividend, according to an article in the British newspaper Daily Mail. The drugmaker will host an investor event on Wednesday, and the newspaper said a reduction of up to 50% will be revealed at that meeting.
Tesla (TSLA) – Former Tesla executive Jerome Guillen has sold around $ 274 million in Tesla shares since June 10, according to a Securities and Exchange Commission filing. Guillen left Tesla earlier this month after 11 years, most recently as the head of the company’s Tesla Heavy Trucking unit.
American Airlines (AAL) – American Airlines will cut flights scheduled for the first half of July by about 950 flights, or 1%, to ease operations as it faces a strong rebound in travel demand.
Westlake Chemical (WLK) – Westlake will buy the North American construction products business from Australia’s Boral for $ 2.15 billion. Westlake said the acquisition would strengthen its presence in products such as roofing and siding, and increase profits in the first year.
Amazon.com (AMZN) – Amazon’s two-day Prime Day event is underway, the first time the event has taken place in June. A number of other major retailers including Walmart (WMT), Target (TGT), Kohl’s (KSS), Macy’s (M) and Costco (COST) are having competing sales events this week.
Boston Beer (SAM) – Guggenheim reiterated its “buy” recommendation on beer brewer Sam Adams and elevated it to “first choice”. Guggenheim notes a depressed valuation, easier retail lineups from June, and underestimated growth prospects for the Truly hard seltzer brand.